Comment Text:
(2) the need for mandatory disclosure of material climate risks and opportunities
Without comprehensive disclosure it is difficult for investors to assess their exposure to climate risks. A recent global report on the uptake of disclosures under the Taskforce for Climate Related Financial Disclosures (TCFD) showed that the average number of recommended disclosures per company is just a third of the 11 the TCFD recommends, while nearly a quarter of large companies have made no TCFD-aligned disclosures whatsoever. If the current rate of progress continues, the number of disclosures per company won’t reach the necessary level until 2028, which is far too late.
